Vacant Retail
For Sale
Contact for pricing
2350 Market Drive, Fleming Island, FL 32003
Vacant commercial space in a building constructed in 2010.
Property Size6,512 SF
Price / SF$225
Days on Market8
Property Features for 2350 Market Drive
General Information
Standard status
Active
Size
6,512 SF
Property subtype
Retail
Building Details
Year Built
2010
Listing Agency:
Matthews
Listed By:
Clay Smith · License #TN 361676
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 12:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
This vacant retail property contains 6,512 square feet within a building completed in 2010. The site is identified as an early education center and is located at 2350 Market Drive in Fleming Island, Florida.
The property is positioned in the Jacksonville MSA and benefits from reported traffic volume exceeding 35,000 vehicles per day. Its retail classification and existing commercial building provide a defined base for evaluating future occupancy or reuse.
The property is positioned in the Jacksonville MSA and benefits from reported traffic volume exceeding 35,000 vehicles per day. Its retail classification and existing commercial building provide a defined base for evaluating future occupancy or reuse.
Key Highlights
- 6,512‑square‑foot vacant retail property
- Building constructed in 2010
- Identified as an early education center
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$73,600
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,472,000
$1.5M
Cap Rate 7%
$1,051,429
$1.1M
Cap Rate 9%
$817,778
$817.8K
Market Conditions
NOI Build-Up for 6,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$117.2K $18.00/SF
− Vacancy
−$12.1K −$1.85/SF
EGI
$105.1K $16.15/SF
− OpEx
−$31.5K −$4.84/SF
NOI
$73.6K $11.30/SF
Area
Clay County, FL
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,472,000
Cap Rate 7%
$1,051,429
Cap Rate 9%
$817,778
Alternative Uses
Best Use
Retail
$1.05M
$920.0K – $1.23M
NOI $73,600 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,592 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 32003, FL
29,142
Population
11,842
Households
2.5
Avg Household Size
44
Median Age
48%
College-Educated
98%
High-School Grad
15.8 sq mi
ZIP Area
1,844
Density / Sq Mi
$119,046
Median Household Income
$59,895
Median Earnings
$1,918
Median Rent
$387,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Vacant commercial space in a building constructed in 2010.
Where is this retail space located?
The property is located at 2350 Market Drive Fleming Island, FL.
What is the asking price?
The asking price for this property is $1,465,200.
What are key features of this property?
This property features: 6,512‑square‑foot vacant retail property; Building constructed in 2010; Identified as an early education center
